Risk Management Downton Abbey Style

The final season of Downton Abbey started in January 2016. It has been the most successful British TV series in history, and is translated in over 250 languages. It is interesting to consider the many personal and business insurance issues faced by the fictional Grantham family as they operate their property and many businesses. We thought we might look into a few.

Personal Insurance

• Insuring your personal property - If you own expensive jewelry, art, collections, or guns, you may need to have these insured under special insurance riders.
• Luxury equipment. The Grantham’s have many toys including boats and special cars. If you own a boat, ATV, or other toys, you will need to get them insured.
• Service People - If you use a pool maintenance company, a landscaper, or even a maid service, you will need to make sure they are insured. If these people are injured on your property, their medical bills may become your responsibility.

Business Insurance

The Grantham’s have considerable business interests which create a very large risk.

• Workers’ compensation - If you have employees, you are required by law to have workers’ compensation insurance.
• New technology - We saw the Grantham’s install telephones. Your business must be prepared to embrace and use new technology. For example, the use of drones are becoming very popular. Drones must be registered with the FAA, and your business insurance may not provide the needed covered without change.
• Home based businesses - If you run a business from home, you will need business insurance. Your homeowner’s insurance excludes business operations.

Recently, a large insurance company studied the risks of the Grantham’s and determined it would cost $10 million of today’s dollars to insurance their many personal and business risks. At Leap / Carpenter / Kemps, Merced County’s largest locally-owned agency, we have an experienced staff of professionals who understand that each family has unique insurance needs and that the one-size-fits-all approach just doesn’t work